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Neo, Bachelor's Degree

Category: Multiple Problems

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Experience: BS Accounting

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Please i need help in these questions,
BE7-2
Below is a list

Resolved Question:

Please i need help in these questions,BE7-2Below is a list of words or phrases related to computerized accounting systems.InstructionsMatch each word or phrase with the best description of it. Allows multiple users to access the system at the same time. Enables the tracking of all transactions. Identifies suspicious transactions or likely mistakes such as wrong account numbers or duplicate transactions. Large-scale computer systems that integrate all aspects of the organization including accounting, sales, human resource management, and manufacturing. System for companies with revenues of less than $5 million and up to 20 employees.

Presented below is information related to Kienholz Company for its first month of operations. Credit Sales Cash CollectionsJan. 7 Agler Co. $10,000 Jan. 17 Agler Co. $7,00015 Barto Co. 6,000 24 Barto Co. 4,00023 Maris Co. 9,000 29 Maris Co. 9,000Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. (If answer is zero, please enter 0. Do not leave any fields blank.)Agler Co. $

Barto Co. $

Maris Co. $

Accounts Receivable $

Donahue Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $320,000; the Accounts Payable control account had a credit balance of $77,000. The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales Journal Total sales- $161,400Purchases Journal Total purchases- $56,400Cash Receipts Journal Accounts receivable column total- $131,000Cash Payments Journal Accounts payable column total- $47,500Instructionsa. What is the balance of the Accounts Receivable control account after the monthly postings on July 31?$ b. What is the balance of the Accounts Payable control account after the monthly postings on July 31?$ c. To what account(s) is the column total of $161,400 in the sales journal posted?• Credit sale and debit account receivable in the general ledger• Credit sale and debit cash in the general ledger.• Credit cash and debit sale in general ledger.• Credit account receivable and debit sale in general ledger. d. To what account(s) is the accounts receivable column total of $131,000 in the cash receipts journal posted?• Debit account receivables in the ledger • Credit cash in the general ledger• Debit cash in the general ledger• Credit account rec in the general ledger

E7-3

On September 1 the balance of the Accounts Receivable control account in the general ledger of Seaver Company was $10,960. The customers' subsidiary ledger contained account balances as follows: Ruiz $1,440, Kingston $2,640, Bannister $2,060, Crampton $4,820. At the end of September the various journals contained the following information. Sales journal: Sales to Crampton $800; to Ruiz $1,260; to Iman $1,330; to Bannister $1,100.Cash receipts journal: Cash received from Bannister $1,310; from Crampton $2,300; from Iman $380; from Kingston $1,800; from Ruiz $1,240.General journal: An allowance is granted to Crampton $220.

Set up control and subsidiary accounts and enter the beginning balances. Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.) (If answer is zero, please enter 0. Do not leave any fields blank.)General LedgerAccounts Receivable Date Explanation Ref. Debit Credit BalanceSept. 1 Balance 

Thank you for your respond, however I didn't get the answer for P7-1A? i guess when i paste my question it didn't goes through

P7-1A

Grider Company's chart of accounts includes the following selected accounts

101

Cash

401

Sales

112

Accounts Receivable

414

Sales Discounts

120

Merchandise Inventory

505

Cost of Goods Sold

301

O. Grider, Capital

On April 1 the accounts receivable ledger of Grider Company showed the following balances: Ogden $1,550, Chelsea $1,200, Eggleston Co. $2,900, and Baez $1,800.The April transactions involving the receipt of cash were as follows.

Apr.

1

The owner, O. Grider, invested additional cash in the business $7,200.

4

Received check for payment of account from Baez less 2% cash discount.

5

Received check for $920 in payment of invoice no. 307 from Eggleston Co.

8

Made cash sales of merchandise totaling $7,245.The cost of the merchandise sold was $4,347.

10

Received check for $600 in payment of invoice no. 309 from Ogden.

11

Received cash refund from a supplier for damaged merchandise $740.

23

Received check for $1,500 in payment of invoice no. 310 from Eggleston Co.

29

Received check for payment of account from Chelsea.

Instructions

(a) Journalize the transactions above in the six-column cash receipts journal below. Foot and crossfoot the journal. (If there is no transaction, enter NA as the account and 0 for the amount.)

Cash Receipts Journal

CR1

Date

Account Credited

Ref.

Cash Dr.

Sales Discounts Dr.

Accounts Receivable Cr.

Sales Cr.

Other Accounts Cr.

Cost of Goods Sold Dr. Merch. Inventory Cr.

Apr.

1

301

4

P

5

P

8

10

P

11

120

23

P

29

P

(101)

(414)

(112)

(401)

(X)

(505)(120)

(b) Insert the beginning balances in the Accounts Receivable control and subsidiary accounts, and post the April transactions to these accounts. (If answer is zero, please enter 0. Do not leave any fields blank.)

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